Apple CEO Tim Cook has denied that the technology giant is “on the way out” and said it is still straining to innovate.

Cook was asked by CNBC Mad Money presenter Jim Cramer whether the writing was on the wall for the company.

"I think that's a huge overreaction," he replied.

"We just had an incredible quarter by absolute standards, but not up to [Wall] Street's expectations, clearly."

Last week it was revealed that Apple had suffered its first quarter of negative growth for 13 years.

Its stock price has fallen for eight consecutive days – something that last happened in 1998.

Sales of the iPhone 6S have been poor compared with predecessor the iPhone 6 and, for a company reliant on hardware sales, that is a cause for concern for investors.

The Apple Watch was widely predicted to be the latest must-have gadget, but public adoption of early generation smartwatches in general has been cautious.

"I think in a few years we will look back, and people will think 'How could I ever thought about not wearing this watch?'" said Cook.

"We're still in learning mode. We're learning quickly. You'll see the Apple Watch get better and better."

Around half of the four million smartwatches sold in the first quarter of 2016 were made by Apple, while Samsung – its key rival in the smartphone space – have only 14% of the smartwatch market.

There have also been rumours that Apple are working on a car after it hired former Tesla vice president of vehicle engineering Chris Porritt, who has also served as Aston Martin’s chief engineers.

"We're going to give you things that you can't live without that you just don't know about today," Cook added.

"That has always been the objective of Apple.

"We don't talk about futures as a company. We don't talk about products on the roadmap.

“I'm incredibly excited about things we're working on. I don't want to be more specific than that."